Are you a final expense agent interested in adding Sentinel Security’s New Vantage final expense product line to your final expense carriers line-up?
Do you want a “No BS” overview on Sentinel Security’s final expense product from a field-tested agent?
If so, you have found the right article!
I’ll be discussing at length how Sentinel Security’s final expense product stacks up, why final expense agents should consider it, and give you my opinion on its pros and cons as a producing agent selling final expense.
NOTE: If you are a consumer looking for information on buying a Sentinel Security final expense plan, you can learn more about the company and product here.
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Application Type: Paper or Telephonic Application
Contact Info: 800-247-1423 (Monday-Friday 7:30 a.m. – 4:30 p.m. MST).
Point Of Sale Interview Required? Yes for paper applications, automatically done with telephonic applications. Interview phone number is 888-719-8132. Hours of operation are (8AM – 4:30PM, Mountain Time, Monday – Friday)
State Availability: See availability chart here
Paper Application Submission: Teleapplication is submitted automatically at the conclusion of the interview. Fax paper application to 888-433-4795
Average Policy Issue Turnaround Time: 24-48 hours if application is in good order – policy mailed in 24-48 hours *after* phone interview completed and approved.
Can You Sell Over The Phone? YES!
Advancing Available? Yes
How Far In Advance Can The First Draft Be? 30 days
Pays Commission On Policy Fee? Yes
Age Rating: Age based on application date
Chargebacks On Death: Prorated – you keep earned commissions and payback any unearned commissions assuming it’s not rescinded
Chargebacks On Lapses: Prorated. Keep what you earn and payback any unearned commissions.
Underwriting Overview: MIB, Rx Check
Agent Guide: Download here
Acceptable Payment Methods? Bank account drafts only for recurring payments
Age Availability For New Vantage 1 Plan (Offers 1st Day Full Coverage For Natural And Accidental Death):
- Single Premium: 20 – 76
- Ordinary (lifetime payments – most common way to write with Sentinel Security): 0 – 85
- 10-Pay: 0 – 75
- 20-Pay: 0 – 65
- Paid-Up 65: 0 – 55
- Paid-Up 85: 0 – 65
Face Amount Issue Limits For New Vantage 1, 2, & 3 Plans:
- Single Premium: $2,000
- All Others:$1,000
- New Vantage 1: Ages 0-75 = $35,000, Ages 76-80 = $25,000, Ages 81-85 = $15,000
- New Vantage 2: Ages 45-80 = $20,000, Ages 81-85 = $15,000
- New Vantage 3: Ages 45-85 = $15,000
- Accidental Death Benefit Rider (NV1 only), Waiver Of Premium Rider (NV1 only), and Children’s Protection Rider (NV1 only) – see here for more information on available riders.
Cover Foreign Nationals? Applicant must be a US Citizen or have a tax ID (ITIN)
Height-Weight Chart? Download here
Sample Final Expense Application: Download here
Rate Guide: Download here (Scroll down to view rate charts for each product)
Prescription/Rx Guide: Download here
Product And Underwriting Advantages:
- Super-low premium rates for New Vantage 1 product (level benefit product). Can easily be used as your go-to product for your healthier clients.
- Competitively-priced New Vantage 2 and 3 products (Graded and Modified death benefit) useful for not-so-healthy applicants
- Occasional non-cigarette tobacco use considered for non-smoker rates. As long as your cigar and pipe smokers smokes less than 4 times a month, they are considered non-smokers.
- Optional telephonic application process eliminates frustrating go-backs as the entire application is completed verbally.
- Receive an up-down decision at the end of the telephonic application process so you and your client know whether or not she’s been approved.
- Diabetic-Friendly: Clients taking less than 50 units of insulin daily are considered for the Level benefit.
- Only carrier that considers oxygen use for Graded coverage.
- Maintenance Medication Friendly: Nitro products and coumadin/warfarin/other blood thinners *may* be considered for a New Vantage I (Level benefit) if used as maintenance post a heart or circulatory event.
- Paid up options available for NV1 product.
Below you’ll find a complete listing of each health question on the Living Promise application.
If you’d prefer to download a sample copy of the application, please download here for your review.
Has the Proposed Insured used any nicotine products in the past 12 months (excluding occasional cigar/pipe use?)
Please state the Proposed Insured’s height and weight
Are you currently taking any medications? If yes, complete the table below. (List additional medication on a separate sheet.) Medication Name (copy off pharmacy label) Diagnosis/Condition Diagnosis/Condition.
Part A – if any question is answered “Yes,” the Applicant is not eligible for coverage (Circle any impairments that apply)
1. Is the Proposed Insured currently: bedridden, confined to a nursing or correctional facility, receiving hospice or home health care, received or been advised to receive an organ or tissue transplant, or been hospitalized within the last 3 months?
2. Does the Proposed Insured currently use a wheelchair due to a chronic illness or disease, or require assistance with activities of daily living such as bathing, dressing, eating or toileting?
3. Has the Proposed Insured been medically treated or diagnosed by a licensed member of the medical profession, or taken medication for:
a. Acquired Immune Deficiency Syndrome (AIDS), AIDS Related Complex (ARC), or the Human Immunodeficiency Virus (HIV)?
b. Alzheimer’s, dementia, Lou Gehrig’s Disease (ALS), Huntington’s Disease, or prior to age 25, Cerebral Palsy, Down’s Syndrome, spina bifida, cystic fibrosis, mental retardation, or muscular dystrophy?
c. A terminal medical condition that would reasonably be expected to cause death within the next 12 months?
4. Has the Proposed Insured, within the past 12 months, been advised to have a diagnostic test, surgery, dialysis, home health care or hospitalization which has not yet been started, completed or for which results are not known?
Part B – if any question is answered ”Yes,” the Proposed Insured may be eligible for the Sentinel Plan New Vantage® III
1. Within the past 2 years, has the Proposed Insured been medically treated or diagnosed by a licensed member of the medical profession, or taken medication for:
a. Drug or alcohol dependency/habit or treatment for alcoholism or drug addiction or manic depression or schizophrenia?
b. Heart attack, congestive heart failure, cardiomyopathy, stroke, Transient Ischemic Attack (TIA), aneurysm, or had heart or circulatory surgery?
c. Treatment for insulin shock, diabetic coma, neuropathy, had an amputation or any other complication from diabetes?
2. Within the past 3 years, has the Proposed Insured been medically treated or diagnosed by a licensed member of the medical profession or taken medication for: brain tumor, internal cancer, malignant melanoma, leukemia or sickle cell anemia?
Part C – if any question is answered “Yes,” the Proposed Insured may be eligible for the Sentinel Plan New Vantage® II
1. Within the past 5 years, has the Proposed Insured been diagnosed or treated by a licensed member of the medical profession or taken medication for:
a. Coronary Artery Disease, heart attack, heart surgery to include heart bypass, angioplasty, balloon procedure, stent placement or heart valve replacement, pacemaker/defibrillator, stroke, aneurysm, angina, chest pain, or any other heart or circulatory disorder?
b. Chronic disorder which requires the use of oxygen, or Chronic Obstructive Pulmonary Disease (COPD), which includes emphysema, chronic asthma, or chronic bronchitis?
c. Parkinson’s Disease, Kidney Disease, kidney failure, cirrhosis or other liver disease or any auto-immune disorder including Rheumatoid Arthritis, Systemic Lupus (SLE) or Sjogren’s?
d. Diabetes treated by insulin more than 50 units daily?
If all questions in Part A, B and C are answered “No,” the Proposed Insured may be eligible for the Sentinel Plan New Vantage® I
Below you’ll find rate charts for males and females for the New Vantage I and II product lines.
NOTE: Below age 45 is NOT included in the chart below, only 45 to 85. Also, the New Vantage 3 product rates aren’t included below, either.
However, you can download the entire rate charts for younger ages and the New Vantage 3 product by going here.
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As both a producing agent and agency owner that recruits agents nationally, I am always on the look-out for carriers that offer us agents a unique advantage when helping our clients with burial insurance coverage.
Such advantages can include competitive rates, easy application submission process, and niche underwriting.
I am happy to report that Sentinel Security offers definite advantages in terms of all of the above, of which I’ll detail below.
Sentinel Security has excellent rates for its New Vantage 1 Plan. This provides first-day full coverage for natural- and accidental-death.
And relative to other final expense carriers, Sentinel Security is routinely in the top 20% of the most competitively priced carriers for the New Vantage 1 plan.
This is good news if you use Sentinel Security for your clients that can qualify.
Competitive rates means better persistency, less replacements, and more money in your pocket.
Also, the New Advantage II (Graded) and III (Modified) products offer solid pricing that is VERY competitive with other Graded/Modified products, and may be used to substitute any guaranteed issue business you’re currently writing.
Easy Application Write-Up/Submission Process
“Keep it simple, Sally!”
That’s the mantra to adopt when adding final expense carriers to your toolbox of options.
You do NOT want to pick up a burial insurance carrier with endless pages and signature requirements.
More paperwork = more amendments.
And nothing’s more frustrating for final expense agents than running back and forth to a closed deal that is incomplete.
That’s time you could spend with new prospects closing new deals.
Sentinel Security offers two advantages here.
First, if you opt for the paper application, the main app is only 3 pages long and requires only 2 signatures and dates.
If you replace coverage, then that will add another 1 or 2 pages and another signature/date requirement.
Still… there are carriers with 10, 15+ pages in their final expense application packet with a half-dozen signature/date requirements.
So taking an app with 3 to 5 pages is a BREEZE, and will make your life easier making sure your policies are more likely CLOSED for good =).
Second, Sentinel Security offers an optional telephonic application process that virtually ELIMINATES frustrating go-backs for missed signatures and required amendments.
The telephonic application takes the entire application verbally over the phone, and within 15 to 20 minutes, your prospect is told whether or not she’s approved!
Whether you do the telephonic application or the traditional paper application, you’ll find that Sentinel Security’s application process is smooth as butter and super-simple.
Unique Underwriting Advantages
There are definite advantages in using Sentinel Security in certain underwriting situations.
Here’s what I feel are the best underwriting advantages:
- Nitroglycerin-based medication and heavy blood thinners like coumdain/warfarin/plavix may be looked at as maintenance, depending on how long it’s been since the cardiac event. This is nice as most carriers look at this medications as declines or rate-ups, while with Sentinel Security it’s possible to get Level rates!
- Oxygen is considered for the New Vantage II (Graded) product. This is great because most oxygen use is either Modified or Guaranteed Issue with most carriers, if not totally declined altogether.
- The carrier is reasonably diabetes-friendly. Diabetics without any complications are considered for Level coverage. Insulin users using under 50 units a day are also considered for Level coverage.
Not every final expense product is perfect for every underwriting situation, and Sentinel Security’s New Vantage product line is no different.
Albeit understandable when considering the total package to the agent, the biggest drawback is tougher underwriting for the Level product.
There is a 5-year look-back on cardiac event history, and a 3-year look-back on cancer-remission/removal before considered for Level coverage.
Many carriers will offer more liberal look-backs in the 2- to 3-year range for clients, thus cutting off Level coverage opportunity with Sentinel Security.
However, as referenced earlier, this does not detract me, as there is always an inverse relationship with underwriting and premium rates.
The more competitive the premiums, the tighter the underwriting.
Overall, Sentinel Security’s product is strong on competitive premiums and ease of use, and good for certain underwriting situations, especially your healthier clients who can qualify for New Vantage 1 rates.
I would recommend using Sentinel Security for your healthiest clients, and fitting them into the Graded and Modified plans when sensible.
Doing so will maximize your persistency and keep your clients (and you!) happy.
To learn more about contracting, reach out here.
We have access to all sorts of benefits for final expense agents, including:
- Top contracts for new and experienced agents. David Duford recruits and operates at FMO/IMO levels, giving him buying power to offer commission levels to agents and agencies others cannot match.
- Affordably-priced, high-quality final expense lead programs for direct mail, Facebook, and telemarketing leads. David does not profit from the sale of leads, only referring you to sources with a track record of success.
- An endless supply of top-notch prospecting and sales training at your fingertips.
- Weekly sales training calls with David, ride-along training opportunities with David and his team, and direct phone/text access to David when you have case placement and sales questions (yes, David answers his own phone =).
- Additional training and support for agents interested in cross-selling Medicare Advantage, annuities, or growing their own insurance agency.
Reach out to David by starting here. Talk soon!